Yes, and it can barely do that.
A helicopter does not have the range, speed, or service ceiling to make a good AWAC bird. Sure, it is better than nothing. But it comes nowhere even close to the "real deal".
So each decade, the US is pulling farther away from the UK in Naval Aviation capability. And to be honest, the more I see that happen the less I give a fig and see them as a "has-been" empire that is largely resting on it's laurels.
And the irony is, the Royal Navy after the Falklands realized that a major flaw in their defenses was their reliance upon an older generation Sea King for AWAC duties. Among them was the service ceiling (which limits how far out they can detect threats), range, speed, and loiter ability. They lost a lot of ships because they were in reality able to provide little to no AWAC capability to their fleet.
And their solution? Why, just continue to use helicopters. I guess they just assume that if "WWIII" was to ever start, they could rely on the US to pull their arses out of the fire with real AWAC aircraft. And real carriers. So they can continue to play with "bathtub toys". I know if I was in the Commonwealth of Nations, I would be getting more and more nervous every year.